Deed of Cancellation

Deed of Cancellation

THIS AGREEMENT IS MADE at Calcutta the 10th day of January  2000 BETWEEN Mr. X of ……………………… hereinafter referred to as the first party and Mr. Z of ………………… hereinafter referred to as the second party.

WHEREAS the first party has executed a Deed of Conveyance on the  ……… day of …………… in favour of the second party in respect of the land and premises situated at ………………………… and more particularly described in the Schedule to the said Deed.

AND WHEREAS the second party had agreed to pay to the first party a sum of Rs. 5,00,000 as consideration for the sale of said land and premises for the said amount but the second party failed and neglected to pay and has admitted his inability to pay the said sum.

AND WHEREAS the title to the said property was intended to be passed to the second party on payment of the said amount.

AND WHEREAS the possession of the said property has not yet been given to the second party.

And whereas the said Deed of Conveyance has been lodged for registration with the Registrar of Assurances at Red Cross Place, Calcutta but the first party has not yet admitted the execution thereof.

And whereas the second party was unable to make arrangement for payment of the said consideration money, the first party and second party have therefore agreed to cancel the said Deed of Conveyance and they have also agreed to cancel the said agreement and do hereby record the said agreement of cancellation.

NOW IT IS AGREED AND DECLARED by the parties hereto that in view of inability of the purchaser to pay the consideration money the parties hereto by mutual consent do hereby cancel the said Deed of Conveyance and agree and confirm that the same is cancelled and shall be deemed to be and treated as cancelled and never to have been acted upon.

And it is agreed and confirmed that the said property has not passed to the second party and second party does not claim any right, title or interest in the said property under or by virtue of the said Deed of Conveyance.

And it is further agreed and declared that all costs, charges and expenses including the stamp duty and registration fees in respect of the Deed of Conveyance and of these presents are to be borne and paid by the second party wholly.

In witness whereof the parties have executed these presents on the day, month and year first above-written.

Signed and delivered by the within-named first party Mr. X

in the presence of:                                                                                                         Signature

Signed and delivered by the within-named second party Mr. Z

in the presence of:                                                                                                         Signature

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